💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

UPDATE 2-Ivory Coast resumes cocoa exports after crisis

Published 05/08/2011, 01:37 PM
Updated 05/08/2011, 01:40 PM

* First cocoa exports in more than three months

* Nearly half a million tonnes sitting in warehouses

(Adds details, colour, quotes, byline)

By Ange Aboa

ABIDJAN, May 9 (Reuters) - Ivory Coast resumed cocoa bean exports on Sunday more than three months after they were halted by the country's political conflict, officials and a Reuters witness said.

Workers were loading beans onto a ship owned by Bollore Africa Logistics from a warehouse brimming with cocoa sacks.

"This is the first boat. It arrived on May 7 and this morning we started operations," said Kwame Kwassi, a Bollore official. "We have 1,796 tonnes (on this boat) and there's another boat coming at a later date to load 9,000 tonnes."

Ivory Coast is the world's largest cocoa producer, providing a third of the supply internationally.

Nearly half a million tonnes of cocoa were held up at the West African country's Atlantic seaports by a conflict which lasted more than four months.

Bollore shipping agent Seydou Traore said the boat would head to San Pedro on Monday to pick up 7,500 tonnes of cocoa after it had finished loading the 1,796 tonnes at Abidjan.

Another boat would come on May 10 to load 8,000 tonnes at San Pedro, he said.

"There is a large number of boats expected to come here and there are further contracts being finalised for other exports," Traore told Reuters, as a crane loaded several sacks of cocoa beans aboard the ship.

The violence only eased this month with the arrest of former president Laurent Gbagbo, who had refused to step down after November election results showing he had lost.

Last week exporters resolved a row with the new government of President Alassane Ouattara over how to make customs payments, paving the way for exports to resume.

On Friday, acting agriculture minister Gnamien Konan told Reuters a production forecast for 1.3 million tonnes of cocoa this season remained in place despite the crisis.

The conflict killed thousands of people and displaced more than a million, but Konan said it probably had little impact on the amount of cocoa grown by farmers because much of the fighting had been in urban areas.

In total, at least four boats were expected in the next few days to help ease the export backlog, said Captain Idrissa Dosso, head of the operations department at Abidjan port that lies on the southern end of the main city's sprawling lagoon.

"Infrastructure was not affected (by the war) so the port is very operational," Dosso told Reuters. "The logistics and men are there, so we have the capacity to receive these vessels." (Writing by Tim Cocks; editing by Mark Heinrich)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.